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Back to school budgeting tips

Parents are sending their kids back to school, and some of them are going to college for the first time! Here's what your freshman needs to know about finances.

SOUTH PORTLAND, Maine — In a matter of weeks, thousands of college students will return to Maine to begin the school year. 

And a class of freshman may be leaving home for the first time, living on their own as an adult.

Learning how to budget is a big part of that process.

RELATED: Maine Legislature passes 'Student Loan Bill of Rights'

Quicken, the money management software company, recently surveyed 1,000 college students about money management.

Here's what they found out. 

One third of students (35%) polled said they racked up debt in their first year of college.

And to make it worse, almost one in three students (30%) reported hiding their debt from their parents.  

So how can you prevent falling into the debt trap?

By beginning to budget early.

Keep an excel sheet with all of your monthly expenses, and track them as you pay.

And if you're choosing between a debit or credit card?

The experts say, choose debit.

That way, you're paying with money you have in your checking account.

With credit cards and their thousand-dollar limits, you run the risk of buying things with money you  don't have.

RELATED: Could your student loans be forgiven?

"If you don't have Bank of America, TD Bank, or a big national bank, you may be looking into something that's local. Especially if you're going to be working on campus. And, you want to make sure to find a bank that's not going to charge you for a checking account," said WIPFli partner, Cory Vargo. 

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